EDB is eager to finance important projects in Kyrgyzstan in export-orientated sectors and the power and energy infrastructure sphere
The head of EDB has told in Bishkek about the Bank’s investment plans in Kyrgyzstan.
Almaty, 28 November 2012. «Joint initiatives in key economic sectors — the power industry, transport and agriculture — will play a key role in expanding economic and investment cooperation between Russia and Kyrgyzstan,» Igor Finogenov, Chairman of Eurasian Development Bank’s (EDB) Management Board, said today in Bishkek at the Second Russian-Kyrgyz Interregional Conference.
The head of EDB stated that some important projects in Kyrgyzstan could be financed by the Bank.
According to Igor Finogenov, EDB, the Kyrgyz Ministries of Finance and of Agriculture and Reclamation and the local Aiylbank have prepared a draft project to supply more than 4,000 items of agricultural equipment made in the EurAsEC countries to Kyrgyz agricultural producers. The project envisions the accumulation of funds so that producers could finance the renewal of their agricultural equipment in the future on their own. In addition, in cooperation with UNIDO, the Bank is working on a project to create a network for the certification and export of agricultural produce from Kyrgyzstan to the Customs Union countries.
EDB has prepared, cooperation with the Asian Development Bank and the Kyrgyz Ministry of Transport and Communications, a draft project to finance reconstruction of some sections of the Bishkek-Osh motor road to the tune of US $120 million. The Bank is also considering an application from state-owned Kyrgyz Temir Zholu requesting finance for the purchase of locomotives made in Kazakhstan for a total of US $23 million.
Applications from the Elektricheskiye Stantsii (Power
Stations) company requesting funds to buy fuel for the
«EDB is working with the Kyrgyz Ministry of Education and Science on a project to provide a US $5 million grant to purchase school textbooks for the country’s educational institutions,» Igor Finogenov added.
The conference titled «Enhancing Interregional Cooperation between the Russian Federation and the Kyrgyz Republic as a Factor of Ensuring Sustainable Economic Development», which is taking place in Bishkek, has gathered more than 200 participants from central and regional governmental authorities, non-governmental organisations, businesses, and academic circles of the two countries. Kyrgyz President Almazbek Atambayev gave a welcome speech at the conference.
The forum’s agenda includes the analysis of interregional ties between the two countries and their contribution to the improvement of Kyrgyzstan’s socioeconomic development, the fostering of integration between the two countries with the direct participation of Russian regions, and the improvement of tools for the implementation of the bilateral legislative framework governing their cooperation.
Additional Information
Eurasian Development Bank is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth and the expansion of mutual trade and other economic ties in its member states. EDB’s charter capital exceeds US $1.5 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan. Read more at https://www.eabr.org.